A method of preparing a spray dried catalyst by combining spray dried catalyst particles with wax so the spray dried catalyst particles are coated with wax, yielding wax coated catalyst particles, and shaping the wax coated catalyst to provide shaped wax coated catalyst. A method of activating Fischer-Tropsch catalyst particles containing oxides by contacting the catalyst particles with a reducing gas in an activation vessel to produce an activated catalyst, wherein contacting is performed in the absence of a liquid medium under activation conditions. A system for activating a Fischer-Tropsch catalyst containing an activation reactor configured to introduce an activation gas to a fixed or fluidized bed of the Fischer-Tropsch catalyst in the absence of a liquid medium and at least one separation device configured to separate a gas stream comprising entrained catalyst fines having an average particle size below a desired cutoff size from the activation reactor.